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Investment Policy 6.1.D. - Page 6 <br />May 2011 Page 4 of 6 <br />C. TREASURY BILLS, NOTES, AND BONDS: <br />The City will require safekeeping documentation of the treasury instrument in an <br />acceptable safekeeping account in the City's name in accordance with Section XI. The <br />maximum maturity on a treasury instrument will be three years. <br />11K C1611=IN0 ]61=I0 [y'ilPix0111N III 11 *31 <br />The City will require physical delivery of these securities to an acceptable safekeeping <br />account in the City's name in accordance with Section XI. Examples of these securities <br />include Government National Mortgage Association, Federal National Mortgage <br />Association, Federal Land Bank, Federal Home Loan Bank Board, and Federal Farm <br />Credit Banks. <br />E. COMMERCIAL PAPER: <br />The City will require safekeeping documentation of the security in an acceptable <br />safekeeping account in the City's name. Commercial paper will be used solely as a <br />short term investment not to exceed 15 days. A rating of Standard and Poors A -1 or <br />Moodys P -1 is required. The City will only invest in the largest 15 banks (in terms of <br />total assets) in the United States. The investment in any one institution will not exceed <br />$1 Million. <br />F. STATE LOCAL AGENCY INVESTMENT FUND (LAIF): <br />The investment in LAIF may not exceed the maximum amount permitted by State <br />regulation. <br />G. PASSBOOK SAVINGS ACCOUNTS: <br />Savings accounts may be maintained for amounts under $100,000 that are received too <br />late in the day to invest in other instruments. <br />H. SAN MATEO COUNTY INVESTMENT POOL: <br />The investment with the County of San Mateo Investment Pool shall not exceed $40 <br />Million per account. <br />I. MONEY MARKET FUNDS: <br />Not more than 10% of the portfolio may be invested in money market funds. Funds <br />must comply with the investment restrictions of the California Government Code Section <br />53630 et seq., and be issued by diversified management companies or mutual funds. <br />They shall be rated in the highest rating category of at least two of the three nationally <br />recognized rating services (e.g., Moody's P -1 or S &P AAAm), and must have in excess <br />of $500,000,000 in assets under management. <br />